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BeyondBNB CSM Onboarding > Product Knowledge > Flashcards

Product Knowledge Flashcards

1
Q

What is STR SEO?

A

Short-term rental Search Engine Optimisation, AKA being seen more frequently on the first page of search on OTA’s.

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2
Q

What are the benefits of boosting your SEO

A

Get seen on the first page of all booking channels more often.

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3
Q

How do you increase your SEO

A

Improve the appeal of your listing as much as possible. Making sure that when people click, they follow through and make a booking.

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4
Q

How long do new hosts have an SEO boost on Airbnb for?

A

60-90 days

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5
Q

What do new hosts need to do in the first 60-90 days to ensure they stay on the first page?

A

Start performing well. AKA get booked and get good (5 star) reviews ASAP.

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6
Q

What are the 3 conversion events on Airbnb that make up your overall ‘Booking Conversion’ rate?

A

1) First page search impression rate. 2) Search to listing conversion rate. 3) Listing to booking conversion rate

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7
Q

How would you describe booking conversions?

A

The process of turning more people from LOOKING to BOOKING.

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8
Q

What is ‘First page impression rate’?

A

The percentage of the time you show on the first page of the search results.

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9
Q

What is a ‘Search to listing’ conversion rate?

A

The percentage of people who go from seeing your listing on any search page, to clicking on it.

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10
Q

What is a ‘Listing to booking’ conversion rate?

A

The percentage of people who go from looking at your listing page to actually booking.

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11
Q

What is a good overall ‘Booking Conversion’ rate?

A

Higher than your market average. But not significantly higher as that would suggest that you might be too cheap.

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12
Q

How can I find my booking conversion rate?

A

On the insights tab on Airbnb

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13
Q

In 2 words, what is the process I go through to increase my booking conversion rate?

A

Split-testing

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14
Q

What variables do I split-test to increase my booking conversion rate?

A

Cover photo, top 5 photos, title, description, instant book on, reasonable house rules, all photos are great

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15
Q

How long do I want to leave each split test for?

A

30 days

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16
Q

Why do I need professional photography

A

The booking channels are more likely to promote listings with high quality (resolution) photography because it makes their website look good. Plus you’ll attract more guests clicking on your listing which increases overall conversions.

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17
Q

What exercise do I need to go though before updating anything on my listing?

A

Determine your guest avatar

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18
Q

How do I determine my guest avatar?

A

Look at the reviews, title, photos and description of listings in your comp set. Pay close attention to the reviews to see where people are getting the most value.

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19
Q

Why do I need a channel manager?

A

The channel manager is the central hub of your business and is paramount to the E.O Framework.

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20
Q

What are the main functionalities of a channel manager?

A

Sync calendars, unified inbox, auto-messaging, auto cleaner scheduling and tasks, payment processing, Nightly rate & minimum stay automation.

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21
Q

What are the 2 things by channel manager needs?

A

API sync with the 3 major booking channels and a direct integration with pricelabs

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22
Q

What is the difference between an iCal calendar sync and an API sync

A

iCal can take from 15 mins to 24 hours to sync (AKA crap). API is instant.

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23
Q

I have 3 listings and don’t want to scale, which channel manager would you recommend?

A

Guesty for hosts. However, you should always do your own research to make sure it suits your unique needs

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24
Q

I have 3 listings and want to scale, which channel manager would you recommend?

A

HostAway. However, you should always do your own research to make sure it suits your unique needs

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25
Q

I have 5 listings and don’t want to scale. Which channel manager would you recommend?

A

HostAway. However, you should always do your own research to make sure it suits your unique needs

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26
Q

What is the difference between Guesty for Hosts and Guesty

A

Guesty for hosts is for operators with 3 or less listings. Guesty is for professional hosts with more than 3 and has a lot more functionality.

27
Q

Do we recommend Guesty (not guesty for hosts)?

A

No, we’d generally recommend HostAway for those with larger portfolios

28
Q

What is the major difference between HostAway and Guesty for Hosts?

A

HostAway generally has more functionality and has a team function for your cleaners, guest communication team and other team members as you scale. It also has an owners dashboard for if you’re co-hosting.

29
Q

What is the main benefit of using a channel manager?

A

To save you time, especially as you start to get more bookings.

30
Q

What is the benefit of going ‘Multi-Channel’?

A

Increase your exposure by 5-7X & decrease your risk

31
Q

How many monthly active users are there on Airbnb?

A

~100M

32
Q

How many monthly active users are there on Booking.com

A

~500 - 700M

33
Q

How many monthly active users are there on VRBO

A

~50M

34
Q

How do I know if BDC will work for me?

A

If it’s a popular platform in your area with other listings on it similar to your own.

35
Q

What percentage of bookings should I expect through Airbnb?

A

60-80%

36
Q

What percentage of bookings should I expect through BDC?

A

10-50%

37
Q

What percentage of bookings should I expect through VRBO?

A

5-30%

38
Q

What are the 5 tactics I can use to increase my SEO on Booking.com?

A

1) 100% property page score. 2) Genius program. 3) Preferred partner program. 4) Visibility booster tool. 5) Increase performance.

39
Q

Okay - so Booking.com sounds great. Would you recommend I just go and set it up?

A

No, you need professional help to set it up correctly with the right policies and procedures in place to ensure you get paid and your property is protected.

40
Q

How hard is VRBO to set up?

A

Not very.

41
Q

How do I sync all 3 channels together?

A

Through the channel manager.

42
Q

What is revenue management?

A

Looking at market data to make smart business decisions. Selling the right product, to the right person, at the right time, at the right price. Creating a strategy based on data to have your pricing aligned with current market demand.

43
Q

Why is revenue management important

A

It’s the single highest leverage activity skill you can build to generate more revenue and profit

44
Q

I’ve heard that STR’s are one of the most perishable businesses. Why is that?

A

You have 365 units of stock to sell, and as soon as it hits midnight, you can never sell that stock again.

45
Q

What data do I look at when creating a pricing strategy?

A

Contrast your performance with direct competition (Comp Set). Specifically around Occupancy, Price positioning, Expected Remaining Demand, Pacing, seasonality & minimum stays.

46
Q

How do I determine which properties are in my comp set?

A

Properties most comparable to your own, from the perspective of the guest. Same area, same quality, same amenities, same number of bedrooms. There is some room for minor variances here.

47
Q

How many properties should I have in my comp set?

A

The more the better. Above 20 is good. As long as they’re comparable.

48
Q

How often do I need to update my strategy?

A

Every 2 weeks we want to check in on performance to make sure things are working the way they should be.

49
Q

How long will it take me to update my EO strategy?

A

1-2 hours per listing to begin with, 20-30min once you’ve done it for a while.

50
Q

What are the 3 stages of the program

A

1) Building the foundation and getting you to level 2. 2) Learning the skillset of revenue management and creating your first EO Strategy. 3) Bi-weekly iterations of your EO strategy for continuous improvement

51
Q

How many coaching calls are there?

A

7 per week

52
Q

How many coaching calls can I attend?

A

All of them

53
Q

I want to do this with my partner, can they attend the coaching calls?

A

You have 2 seats (only bring up if they ask)

54
Q

I want a third person on the coaching calls and doing the program with us, can you make that happen?

A

$2k per additional seat

55
Q

What is the duration of the program

A

12 months of group coaching calls and support

56
Q

How can I reach out to get support when in the program?

A

Attend the group coaching calls or email support@beyondbnb.io

57
Q

How long will it take to complete the program?

A

6 weeks full time( 10 hours per week ). 12 weeks part time. (5 hours per week). Inc implementation

58
Q

What is a healthy range for overall booking conversion rates?

A

0.1% - 0.5%

59
Q

What is a healthy range for first page search impression rates?

A

40% - 60%

60
Q

What is a healthy range for search to listing rates?

A

12% - 18% (Higher is better)

61
Q

What is a healthy range for listing to booking rates?

A

1% - 2.5%

62
Q

Why is it bad if the listing to booking conversion rate is above 2.5%?

A

They’re probably underpricing. Meaning whomever looks at it, thinks it’s a steal and books right away.

63
Q

Do we do 1 on 1 coaching?

A

No. All coaching occurs in a group environment however, you do receive dedicated time specific to your questions in that group environment.

BeyondBNB CSM Onboarding (10 decks)

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